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Equity positioning overall has backed off highs but S&P positioning remains elevated while Nasdaq/EEM remain the preferred risk-on vehicles (both still Lower Extreme).
Curve dispersion persists with 2s in Lower Extreme vs 5s in Upper Extreme, while 10s/Long bond shift back to risk-on.
USD stays near Upper Extremes (risk-off), with EUR seeing first net-buying in 7 weeks and AUD flows signaling early cracks.
Gold & Silver remain in Lower Extreme positioning (with correlation rising to risk-on, watch for a divergence tell.
WTI net-selling flows are building after a long bid streak
Grains remain elevated but less extreme, still a cleaner lateral to Energy shorts.
Disclaimer: This publication is for general informational and educational purposes only. It is not investment advice, does not take into account individual circumstances, and should not be relied upon for making investment decisions. The views expressed are solely those of the author and do not represent the views of any employer or affiliated institution.
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